The global art market returns to growth in 2025, but the recovery remains fragile. The new Art&Finance Report by Deloitte Private Italia, presented on April 13 at the Deloitte Auditorium in Milan, captures a sector in transition.
Why does 2025 mark a turning point according to Deloitte?
After two years of contraction, revenues of the main auction houses rose by 14.8% year-on-year. However, the rebound should not be seen as a completed normalization. The picture remains marked by deep tensions and an ongoing structural realignment.
In the early months of the year, activity remained cautious. The U.S. tariffs and an uncertain geopolitical climate have slowed transactions, especially in the high segment, already weakened by the slowdown of the 2023-2024 period.
Subsequently, the scenario improved. A softer approach to trade policies in the United States and the return to the market of large private collections have revived the flow of exchanges. Thus, the sector closed the year in positive territory.
What forces are changing the market?
That said, talking about a simple recovery would be inaccurate. The art market of 2025 appears rather as a phase of transition, where seemingly contrasting dynamics coexist.
On one hand, the integration between traditional art and unconventional collecting, with design, watches, and fine wine, is strengthening. This segment grows by 16.3%. On the other hand, demand is increasingly polarizing.
The more established collectors seek museum-quality works, with impeccable provenance and fully traceable. In parallel, transactions in more accessible price ranges are also increasing, indicating a broader and more selective audience.
Who is redefining demand?
The most evident discontinuity is generational. Millennials and Gen Z are no longer marginal presences: they represent between 30% and 40% of new buyers in the main auction houses.
Moreover, they bring with them a different value system, which is impacting the very logic of the market. Buying art is no longer just an aesthetic choice or a form of asset allocation. It is also an identity gesture.
According to the report’s data, 67% of young collectors also purchase to directly support artists. Thus, the weight of cultural philanthropy in wealth management strategies is growing.
The role of digital
This transformation is also seen in sales channels. Digital is now a structural component of the sector. In 2025, over 81% of the lots at Christie’s were sold online.
Moreover, more than half of High Net Worth Individuals declare a preference for purchasing through digital platforms. The overcoming of pre-pandemic resistances is now evident and opens up more fluid access models.
Where is the market power concentrated today?
Geographically, the balances remain quite stable. The United States continues to dominate the painting market, with 64.1% of global sales. London and other international hubs follow at a distance.
However, signs of rebalancing are emerging. The greater international circulation of works and the growing competitiveness of other national systems are gradually redrawing the map of exchanges.
Overall, the comparison with more dynamic markets shows that American leadership remains solid, but no longer immutable. Competitive pressure has increased, and the relative advantage tends to decrease.
How is Italy moving in the art market according to Deloitte?
Italy is trying to relaunch itself starting from a historical issue: taxation. The reduction of VAT on artworks from 22% to 5%, along with measures introduced by the decree Italia in Scena, aims to simplify the movement and management of works.
Furthermore, the goal is to align the system with European standards and make the country more competitive for international operators and collectors. However, it remains to be seen whether these measures will produce a concrete and lasting advantage.
Structural issues, in fact, do not disappear. One of the most evident concerns the generational transfer of collections. More than half of collectors declare they want to leave the works to the family, but many do not yet have adequate planning.
In recent years, the share of those recognizing the problem without having found a solution has grown significantly. The risk is that assets of great economic and cultural value become difficult legacies to manage.
In summary, 2025 shows momentum but not certainties. Growth is real, but it rests on an unstable global context and an ecosystem that is changing rapidly. The art market thus enters 2026 as a decisive test for operators, collectors, and business models.
The ability to read changes, intercept new sensitivities, and move with agility will be crucial. In an unpredictable international framework, the direction taken today could define tomorrow’s balances.
To delve deeper into the sector’s data, it is useful to also consult the site of Deloitte Italia, the analyses of Christie’s, and the reports of Art Basel.
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As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
